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Depreciation and amortisation, non-operating results

In CHF million, except where indicated   31.3.2018   31.3.2017   Change
Operating income before depreciation and amortisation (EBITDA)   1,058   1,073   –1.4%
Depreciation, amortisation and impairment losses   (540)   (523)   3.3%
Operating income (EBIT)   518   550   –5.8%
Net interest expense   (35)   (36)   –2.8%
Other financial result   (6)   (13)   –53.8%
Result of equity-accounted investees   (2)   (1)   100.0%
Income before income taxes   475   500   –5.0%
Income tax expense   (96)   (127)   –24.4%
Net income   379   373   1.6%
Share of net income attributable to equity holders of Swisscom Ltd   381   373   2.1%
Share of net income attributable to non-controlling interests   (2)      
Earnings per share (in CHF)   7.36   7.20   2.2%

Depreciation and amortisation increased by CHF 17 million or 3.3% to CHF 540 million, mainly reflecting an increase in depreciation and amortisation at Swisscom Switzerland. At constant exchange rates this represents a rise of 1.0%. Net interest expense remained virtually stable at CHF 35 million. Other net financial expense was CHF 6 million (improvement: CHF 7 million). Income tax expense was CHF 96 million (prior year: CHF 127 million), corresponding to an effective income tax rate of 20.2% (prior year: 25.4%). The decrease in the effective income tax rate is primarily attributable to the effects of prior periods in 2017. Net income posted by Swisscom rose by CHF 6 million or 1.6% to CHF 379 million. Earnings per share is calculated based on the share of net income attributable to equity holders of Swisscom Ltd and the average number of shares outstanding. Earnings per share rose from CHF 7.20 to CHF 7.36.